In addition to being regulated by the state’s Department of Insurance, Ohio title agents must meet a surety bond requirement pursuant to 3901-7-02 of the Ohio Administrative Code.
The Ohio title agent bond is a $150,000 surety bond.
This surety bond is available from AmeriPro Surety Bonds for both first time and renewal applicants alike.
The purpose of the Ohio title agent bond is a financial guarantee that title agents will be in compliance with all rules and statutes governing title agencies in the state.
The bond protects the state of Ohio – and its citizens – from acts of fraud, theft, criminal malfeasance and negligence committed by a title agent during the course of business activities.
Such protections afforded by the surety bond also extend to the same misdeeds committed by employees of a title agent.
Of note, your title agent bond is not an insurance policy, liability or otherwise. Simply stated, it does not protect you at all.
Rather, the surety bond only protects others from wrongful acts committed by a title agent.
Besides this, the surety bond must remain in place at all times.
The Department may either suspend a license or revoke it entirely for failing to keep an active surety bond on file.
While your title agent bond is a $150,000 surety bond, you will pay nowhere near that amount.
The amount that you will pay will be determined by the following:
Because of the bond’s large dollar amount, you may be asked to present financial financial.
This may include:
While you may not be asked all of these questions, it is better to prepare as if you are going to be asked.
As an agency, we would rather prep you for what may happen, then blindside you with requests that you had no idea about beforehand.
Once issued, your title agent bond will last for one year from the bond’s active date.
The bond renews annually. Some months before, you should receive correspondence offering you the opportunity to pay the renewal title agent bond premium.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, court, contractor, and fiduciary bonds throughout Ohio.
We also provide surety bonds nationwide.
We thank you for your consideration of our services and we look forward to working with you.
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